Acquisition of Immovable Property in Cyprus

Acquisition of Immovable Property in Cyprus

a.      Acquisition of Immovable Property by Cypriots or EU Citizens

All Cypriots or nationals of any EU member States have the right to acquire immovable property in Cyprus without any restrictions.

b.      Acquisition of Immovable Property by non EU Citizens/foreigners

All nationals of non-EU member states/foreigners (foreigner under Cyprus Law is any person who is not a citizen of the Republic and includes a foreign controlled company – not including non-Cypriot spouses of the citizens of the Republic) can only acquire immovable property after obtaining the approval of the Council of Ministers.              These powers have been recently assigned to the pertinent authorities of every district in order for the procedure to become speedier.

Acquisition of real estate property includes:

  • Transfer by registration.
  • Long leases of more than thirty-three years.
  • The acquisition of shares in a company that owns real estate property if such an acquisition results in the company becoming controlled by foreigners.
  • The establishment of a trust or other setup that is connected with the ownership of real estate for the benefit of a foreigner.
  • A foreigner can buy a house/apartment for his own use only. In cases where a foreigner has an established business or has his main residence in Cyprus a request for the purchase of a holiday house in Cyprus may be granted.
  • A foreigner can buy a building plot or land up to approximately three donums (4.014m²).
  • Any contract for the purchase or lease of property is valid even if the Council of Ministers or the pertinent authority rejects the foreigner’s request for a permit. As a result it is highly recommended that any contract/agreement for the purchase or lease of any property to include provisions for such an event to secure a refund of any money paid or any other remedy.

The following documents must be submitted for the consideration of the application:

  1. Survey plan.
  2. Copy of the title of ownership.
  3. Copy of the building permit for the erection of the house/block of flats or for the residential development of estates. If separate titles of ownership have been issued for the flats of the block or if the house is mentioned on the title of ownership applicants need not submit a copy of the building permit. For under division applicants must submit a copy of the division permit.
  4. Copy of the contract of sale.
  5. Sectional view of the building or the flat. Very old houses mentioned on the title of ownership are exempted. A division plan must be submitted in the case of division of plots. In areas of residential development, the plan must be submitted showing the position of the house on the entire holding.
  6. Area in square meters of the plot which is to be acquired.
  7. Documents proving the financial situation of the applicants. The Central Bank will provide a certificate evidence that the purchase consideration was paid in foreign exchange.
  8. Copies of the pages of the applicants’ passports and those of the spouses.
  9. Certificate of marriage of the applicants or relevant attestation of their embassy and in cases where the spouses do not have the same surname and when the name of the husband is not written on the wife’s passport.
  10. Copy of the residence permit and work permit of the applicants in Cyprus.
  11. Application COMM145 completed clearly and full.
  12. If the applicant is a company or a shareholder in an offshore company, it is necessary to submit the certificates of registration, of shareholders and of the registered offices of the company.
  13. If the applicant is a company a copy of the company’s Articles of Association must be submitted and written information must be furnished on the company’s activities in Cyprus and the staff it employs, both Cypriots and foreigners with the social insurance numbers.

Provided that, all relevant documentation as written above are submitted with the application, the time period required for the examination of the application is from three to six months approximately. As a general rule the permission is granted provided that:

  1. The applicant has no criminal record in Cyprus or in their country.
  2. The financial means to support themselves in Cyprus (an income of €20.520 per annum per couple is considered satisfactory).

Once the permit is granted the following restrictions and conditions apply:

  1. The permit will be granted only for the specific property and use.
  2. All taxes must be paid.
  3. The costs must be paid in foreign currency.
  4. The transfer must be effected within a year from the date of the permit or within three years in case of constructions of a building on the property.

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